The meeting of stakeholders of JSC International Bank of Azerbaijan (IBAR) – Georgia has taken decision on cancellation of banking license and transformation into non-bank organization.

Under the decree passed by the vice president of National Bank of Georgia (NBG), the banking license has been stripped from JSC IBAR – Georgia and consequently, the bank has moved to a liquidation regime. JSC IBAR-Georgia will be transformed into nonbank organization.

The mentioned processes will fully satisfy the demand of the bank’s creditors, first of all, depositors, the NBG statement reads.

According to Georgian law on Deposits Insurance System, to receive insured deposits, depositors should apply to LELPL Deposits Insurance Agency, while creditors should apply to Roin Tsatsiashvili, liquidator of IBAR-Georgia to receive funds that are not insured under the mentioned law.